THIS TIME LAST YEAR many conservatives wondered aloud whether George W. Bush was genuinely committed to his own tax cut proposal. Now it seems that Bush is the only supply-side tax cutter left in town. He has been heroically unwavering in support of the $ 1.3 trillion tax cut, but the media, many mainstream economists, and congressional leaders in both parties are urging a go-slow approach. Speaker of the House Denny Hastert has suggested to Bush that he divide his tax cut up into small digestible pieces, a compromise that could undermine the chances of the crucial income tax rate cut. Bob Dole has advised that Bush’s tax cut be put “on hold.” Meanwhile, on Face the Nation, Senate minority leader Tom Daschle moaned: “I can’t think of anything that would divide the nation more than pushing that tax cut at that size.”

Bush has smartly countered that the slowdown of the economy, the bearish stock market, and the specter of a looming recession only strengthen the case for tax rate cuts. Ironically, six months ago the Clinton Treasury department and other Bush opponents were arguing that a Bush tax cut was inadvisable because it could cause the roaring economy to “over-heat.” Of course, that worry’s now the least of our problems, but the tax cut foes are as opposed as ever to the Bush proposal. The latest mantra against tax cuts is that they are ineffective at stimulating the economy. The Washington Post, for example, recently editorialized that “the best tool for managing the economic cycle is usually not fiscal policy, but interest rates, which the Fed can change at its annual meeting.”